American Bitcoin, the Trump-family-backed Bitcoin miner majority-owned by Hut 8, swung to a profit of roughly $126 million in the third quarter, a sharp reversal from the $57.2 million net loss it posted three months earlier, as a jump in the book value of its Bitcoin holdings powered its strongest quarterly results yet.

The Nasdaq-listed company, which trades under the ticker ABTC, reported the figures for the quarter ended Sept. 30 in its official earnings announcement. Adjusted EBITDA came in at approximately $221 million, compared with a $45 million loss in the second quarter. Much of the swing was driven by a $197 million gain on the company's digital assets, as the value of its Bitcoin holdings rose during the period. The results marked the company's best quarterly performance to date.

The company grew its Bitcoin reserve to about 8,427 BTC, up roughly 425 coins, or 5%, from the end of June. Its “satoshis per share”—a measure of how much Bitcoin backs each share—also climbed about 5%, a metric that has become a common yardstick among public companies holding Bitcoin on their balance sheets. Notably, American Bitcoin accomplished this without buying any Bitcoin or issuing new shares through its at-the-market program during the quarter, relying entirely on its own mining output rather than market purchases, in line with its emphasis on disciplined accumulation.

“These are significant results, particularly in a challenging digital asset market,” said Eric Trump, the company's co-founder and chief strategy officer and the son of U.S. President Donald Trump, citing the quarterly profit and the growth in Bitcoin per share. Chief Executive Mike Ho credited “a disciplined, Bitcoin-denominated operating business,” noting that the firm continued “mining Bitcoin at a structural discount to spot.”

The mining operation itself had a tougher quarter. American Bitcoin mined about 891 BTC, down from 932 in the prior period, while its cost to mine rose to roughly $42,100 per Bitcoin from $36,500—a figure the company attributed to higher seasonal power costs. Electricity is among the largest cost inputs in Bitcoin mining, and seasonal swings in power prices are a recurring feature of the industry's economics. Gross mining margin slipped to 41% from 49%. The company ended the quarter with a fleet of about 89,242 miners and 28.1 exahashes per second of installed capacity.

The results cap a volatile stretch for the venture, one that has drawn attention well beyond the mining sector given the Trump family's prominent role in both politics and digital assets. American Bitcoin notched a record mining quarter earlier this year as its reserves crossed 8,000 BTC, but its stock has struggled, hitting new lows and prompting a 1-for-15 reverse stock split in July. Shares have fallen well below their debut price since the company went public through a merger with Gryphon Digital Mining.

The quarterly profit, while striking, rests heavily on an accounting gain tied to Bitcoin's price rather than on core mining operations—meaning a downturn in Bitcoin's value could just as easily swing the figure back into the red. Under fair-value accounting for digital assets—a treatment required under U.S. accounting standards issued by the Financial Accounting Standards Board that took effect in 2025—gains and losses tied to Bitcoin's price flow directly into reported earnings. The fourth-quarter report will offer the next read on whether mining costs moderate and whether the reserve continues to grow solely from the company's own output.

The complete third-quarter results are available in the company's official press release.